Del Monte Foods Company Announces Completion of Refinancing.SAN FRANCISCO -- Del Monte Foods Del Monte Foods (NYSE: DLM) is an American food production and distribution company based in San Francisco, California. It offers canned goods in Del Monte, S&W and Contadina brands, pet foods under Kibbles n' Bits, 9Lives, Pounce, Milk-Bone and several premium brands, Company (NYSE NYSE See: New York Stock Exchange : DLM See ILM. DLM - Distributed Lock Manager on distributed VMS systems. ) announced today that its wholly-owned subsidiary Del Monte Corporation (the "Corporation") has completed its previously announced plan to refinance a significant portion of its outstanding indebtedness. The refinancing included the consummation of the Corporation's cash tender offer and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with (the "Offer") with respect to its outstanding 9 1/4% senior subordinated notes due 2011 (the "Old Notes"), the Corporation's private placement offering of $250 million principal amount of its 6 3/4% senior subordinated notes due 2015 (the "New Notes") and the Corporation's consummation of a new $950 million senior credit facility (the "New Credit Facility"). The Corporation used the proceeds from the sale of the New Notes and borrowings under the New Credit Facility to fund the payment of consideration and costs relating to the Offer and to repay amounts outstanding under its previous credit facility. The New Credit Facility consists of a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility of $350,000,000 with a term of six years, a $450,000,000 term loan A with a term of six years, and a $150,000,000 term loan B with a term of seven years. The Offer expired at 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Monday, February 7, 2005 (the "Expiration Time Expiration time The time of day by which all exercise notices must be received on the expiration date. Technically, the expiration time is currently 11:59AM on the expiration date, but public holders of option contracts must indicate their desire to exercise no later than 5:30PM on "). As of the Expiration Time, $297,463,000 aggregate principal amount of Old Notes had been validly tendered and not withdrawn, which represented approximately 99.15% of the outstanding aggregate principal amount of the Old Notes. The Corporation has accepted for payment and paid for all Old Notes validly tendered and not validly withdrawn on or prior to the Expiration Time. This announcement does not constitute an offer to purchase the Old Notes or a solicitation of consents to amend the related Indenture. The Offer was made solely pursuant to the Corporation's Offer to Purchase and Consent Solicitation Statement dated January 10, 2005. This announcement does not constitute an offer to sell or the solicitation of an offer to buy the New Notes. The New Notes have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. |
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